(MENAFN) South Korean tech giant Samsung Electronics Co. said its net profit dropped 39 percent in the first quarter due to weak earnings from its mobile business, Yonhap News reported.
Samsung's net income amounted to USD4.32 billion in the January-March period, compared with USD7.1 billion registered a year earlier, the company said in a regulatory filing.
Operating profit came to USD5.59 billion, down 29.6 percent, with sales falling 12.2 percent to USD44.03 billion. The final figures slightly surpassed the earnings preview of USD5.52 billion and USD43.9 billion, respectively.
Although it is estimated that Samsung has sold more smartphones than Apple in the first quarter, analysts said more customers shifted to the new iPhone 6 and hurt Samsung's profitability.
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